MIRA
INFORM REPORT
|
Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
RMG POLYVINYL INDIA LIMITED |
|
|
|
|
Registered Office : |
302, Elite
House, 3rd Floor, 36
Community Center, Kailash Colony Extn.,
New Delhi-110048 |
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Country : |
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|
|
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
12.09.2003 |
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Com. Reg. No.: |
55-96206 |
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CIN No.: [Company
Identification No.] |
U70101DL1298PTG96206 U74899DL1998PLC096206 |
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|
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|
IEC No.: |
0598052674 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELR08012E /
DELR09971D |
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PAN No.: [Permanent
Account No.] |
AAACG2886R |
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|
Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer,
Exporter and Importer of Vinyl Floor, PVC Sheeting, Geomembrances and
Artificial Leather. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 282604 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company and seeks joint venture partner for modernization.
Directors are reported as experienced, respectable and resourceful businessmen.
Their trade relations are fair. Profit margin is low. Payments are usually
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office
: |
302, Elite
House, 3rd Floor, 36
Community Center, Kailash Colony Extn.,
New Delhi-110048, |
|
Tel. No.: |
91-11-51632024/51632022 |
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Fax No.: |
91-11-26226482 |
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E-Mail : |
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Website: |
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Location : |
Owned |
|
|
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Factory 1 : |
10/1, Industrial
Area, Sikandrabad, District Bulandshahar-203205 |
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Tel. No.: |
91-05735-221877/221878 |
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E-Mail : |
|
|
Location : |
Owned |
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|
|
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Branches 1: |
302, 3rd
Floor, Elite House, 36 Community Centre, Zamprudur, New Delhi-110048, |
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Tel. No.: |
91-11-51632024/51632022 |
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Fax No.: |
91-11-26226482 |
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E-Mail : |
info@rmgpoly.com |
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|
|
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Branch 2: |
10585, Nabi
Karim, |
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Location: |
Owned |
DIRECTORS
|
Name : |
Mr. Arvind Goenka |
|
Designation : |
Director |
|
Address : |
No.1, |
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Date of
Birth/Age : |
30.10.1969 |
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Qualification
: |
B.Com (HONS) |
|
Experience : |
15 Years |
|
|
|
|
Name : |
Mr. Rahul Sanghai |
|
Designation : |
Director |
|
Address : |
303, A – Z, Industrial
Estate, G.K. Marg, Lorwer Parel, Mumbai |
|
Date of
Birth/Age : |
26.11.1973 |
|
Date of
Appointments : |
09.07.2003 |
|
|
|
|
Name : |
Mr. Umesh Agarwal
|
|
Designation : |
Director |
|
Address : |
B-705, Badrinath
Apartment, Malad, Mumbai |
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Date of
Birth/Age : |
52 Years |
|
Qualification
: |
B.E. |
|
Experience : |
25 Years |
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|
Name : |
Mr. S. G. Gupta |
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Designation : |
Director |
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Address : |
715, Sector 28-D,
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Date of
Birth/Age : |
52 Years |
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Qualification
: |
M. Sc |
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Experience : |
30 Years |
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Name : |
Mr. P. D. Taneja |
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Designation : |
Director |
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Address : |
76-A, |
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Date of
Birth/Age : |
08.07.1951 |
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Qualification
: |
F.C.A. |
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|
|
|
Name : |
Mr. Gopal Gupta |
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Designation : |
Director |
|
Address : |
House No. 715,
Sector – 28, |
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Date of
Birth/Age : |
09.08.1952 |
|
Date of
Appointments : |
01.06.2004 |
|
|
|
|
Name : |
Mr. Puran Dass
Taneja |
|
Designation : |
Director |
|
Address : |
76 A / 9, |
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Date of
Birth/Age : |
08.07.1951 |
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Date of
Appointments : |
01.08.2002 |
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|
|
|
Name : |
Mr. Arvind Goenka |
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Designation : |
Director |
|
Address : |
Ashirwad Farm, Behind
Sector – D3, Vasantkunj, |
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Date of
Birth/Age : |
03.10.1969 |
|
Date of
Appointments : |
10.01.2004 |
|
|
|
|
Name : |
Mrs. Indira
Goenka |
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Designation : |
Director |
|
Address : |
No.1, |
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Date of
Birth/Age : |
28.08.1946 |
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Qualification
: |
B.A. |
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Date of
Appointments : |
05.07.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh Kumar |
|
Designation : |
Company Secretary |
|
Address : |
A – 46, Pandav Nagar Complex, Ganesh Nagar, |
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Date of Birth/Age : |
03.12.1975 |
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Date of Appointment : |
25.05.2005 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Vasudha Shanghai |
|
400000 |
|
Mrs. Usha Devi |
|
400000 |
|
Mrs. Manvi Goenka |
|
180000 |
|
Mrs. Nisha Goenka |
|
839360 |
|
Mr. Amitabh
Goenka |
|
250160 |
|
Sunhill Leasing and Financing Limited |
|
115000 |
|
Avail Financial Services Private Limited |
|
100000 |
|
Aajiwan Industries Limited |
|
400000 |
|
B.T. Technet Limited |
|
10000 |
|
Hillridge Investment Limited |
|
100000 |
|
Stellar investments Limited |
|
150000 |
|
Karishma Industries Limited |
|
125000 |
|
G K. Consultants Limited |
|
175000 |
|
Mr. Arvind Goenka |
|
160 |
|
New Generation Finvest Private Limited |
|
25000 |
|
Lehara investment Private Limited |
|
100000 |
|
Category |
|
Percentage of
Holding |
|
Directors or Relatives of Directors |
|
40.36 |
|
Bodies Corporate |
|
59.63 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter
and Importer of Vinyl Floor, PVC Sheeting, Geomembrances and Artificial
Leather. |
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|
|
|
Products with Brand Name : |
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Exports : |
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Countries : |
UAE, |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailer
and OEM’s |
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|
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|
No. of Employees : |
119 |
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|
|
|
Bankers : |
²
Centurion
Bank of Punjab Limited M-29, Outer
Circle, Connaught Place, New Delhi-110001 ²
HDFC
Bank Limited H-39, Outer
Circle, Connaught Place, New Delhi-110001 |
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|
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Manoj Ambuj & Associates Chartered
Accountant Mr. Manoj Kumar
Gupta |
|
Address : |
FC-82, Shivaji
Enclave, New Delhi-110027 |
|
Tel. No.: |
91-25150506/9811124324 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/-each |
Rs.40.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
40.000 |
28.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.651 |
27.455 |
14.869 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
70.651 |
67.455 |
42.869 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.680 |
1.234 |
0.000 |
|
|
2] Unsecured Loans |
31.684 |
14.946 |
6.450 |
|
|
TOTAL BORROWING |
33.364 |
16.180 |
6.450 |
|
|
DEFERRED TAX LIABILITIES |
4.679 |
0.388 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
108.694 |
84.023 |
49.319 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
74.424 |
70.316 |
0.083 |
|
|
Capital work-in-progress |
4.490 |
4.490 |
31.591 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.975
|
2.980 |
0.000 |
|
|
Sundry Debtors |
53.067
|
4.421 |
2.301 |
|
|
Cash & Bank Balances |
2.108
|
0.906 |
13.276 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
11.908
|
11.429 |
2.084 |
|
Total
Current Assets |
92.058
|
19.736 |
17.661 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
61.927
|
10.579 |
0.048 |
|
|
Provisions |
0.447
|
0.082 |
0.157 |
|
Total
Current Liabilities |
62.374
|
10.661 |
0.205 |
|
|
Net Current Assets |
29.685
|
9.075 |
17.456 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.095 |
0.142 |
0.189 |
|
|
|
|
|
|
|
|
TOTAL |
108.694 |
84.023 |
49.319 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
230.125 |
42.821 |
0.000 |
|
|
Other Income |
2.027 |
1.513 |
1.017 |
|
|
Total Income |
232.152 |
44.334 |
1.017 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
7.958 |
1.056 |
0.438 |
|
|
Provision for Taxation |
4.763 |
0.469 |
0.438 |
|
|
Profit/(Loss) After Tax |
3.195 |
0.587 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
146.943 |
22.681 |
-- |
|
|
Purchases made for re-sale |
8.665 |
1.646 |
-- |
|
|
Consumption of stores and spares parts |
4.431 |
1.149 |
-- |
|
|
Increase/(Decrease) in Finished Goods |
(9.689) |
(0.810) |
|
|
|
Salaries, Wages, Bonus, etc. |
7.932 |
3.203 |
0.360 |
|
|
Managerial Remuneration |
0.672 |
0.216 |
-- |
|
|
Payment to Auditors |
0.028 |
0.016 |
-- |
|
|
Interest |
1.279 |
1.081 |
0.063 |
|
|
Insurance Expenses |
0.299 |
0.092 |
-- |
|
|
Power & Fuel |
33.335 |
8.469 |
-- |
|
|
Depreciation & Amortization |
2.798 |
1.488 |
0.004 |
|
|
Other Expenditure |
27.501 |
4.047 |
0.104 |
|
Total Expenditure |
224.194 |
43.278 |
0.567 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.37
|
1.32 |
0.000 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.45
|
2.46 |
0.000 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.78
|
1.17 |
2.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.15 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.85 |
86.15 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U74899DL1998PLC096206 |
|
Name of the
Company |
RMG POLYVINYL INDIA LIMITED |
|
Address |
302, Elite House, 3rd Floor, 36 Community Center, Kailash Colony Extn., New Delhi-110048 |
|
This form is for |
Creation of
Charges |
|
Type of Charge |
Immovable
Property and others |
|
Particulars of
the charge holder |
State Bank of 394, Ganga Niwas,
Cahndni Chowk, E-Mail: sbn3139@sbindore.co.in |
|
Amount secured by
the charge |
Rs.20.000
millions |
|
Brief of the
principal terms and conditions |
Rate of Interest: Interest1.25%
above SBINDPLR with a minimum of 14.50%pa.a Terms of
Repayments; Repayable in 12 quarterly
of Rs.1.600 millions each and 12th installment of Rs.2.400
millions. First installment is to start from 30.06.2008. Last installment
will be due on 30.03.2011 Margin: 30% Extent and
operation of the charge: hyp of plant and
machinery and other fixed assets and factory land and building situated at 10
/ 1 and 26 A, Industrial area, Sikandrabad Dist Bulandshahar, Uttar Pradesh |
|
Description of
the property charged indicating |
Hypothecation of
plant and machinery and other fixed assets and equitable mortgage of factory
land and building situated at 10 / 1 and 26A, industrial area, sikandrabad
dist bulandshahar, Uttar Pradesh to secure term loan of Rs.20.000 millions |
|
Date of
Instrument creating or modifying the charge |
24.07.2007 |
HISTORY :
They have
restarted the factory in September 04, after purchasing it from the government.
They are manufacturing vinyl floorings by the calendaring process and are
manufacturing products up to 2 meters wide and up to 3.0 mm thickness. They
products have already received the RDSO registration for supplies to Indian
railways and the company has obtained ISO 9001:2000 quality systems certificate
from TUV group,
TRADE REFERENCE:
- Decolene Fibres
Private Limited
1/24, WHS Kirtinagar Timber Market
New Delhi-110015
2 .
D.L. Millar and Company Limited
3, Netaji Subhas Road,
Kolkata-700001
3. Silvassa
Plast
60, Rama Marg,
New Delhi-110015
4.
Dossa Harjee
257/259, yusuf
Mumbai – 400003
5. 1000
Plus Trade Incorporation
“Ashirwad”, Sector D-3, Vasant kunj, New Delhi-110070
6. Kanchan
Add Chem Private Limited
4598/12B, 2nd Floor, Gola Cottage, Darya Ganj, New
Delhi-1100002
7. Amar
Udyog
1932, Chandi Chowk,
- Madhu Sales
Corporation
XV-10650,
Websites Details
Company profile:
Subject is an ISO 9001:2000
Systems approved company and is the largest manufacturer and exporter from
Subject Flooring range is marketed in
Wonderfloor Vinyl Floor
Covering primarily consists of the following products:
1.
Contract Flooring (Heavy Duty PVC Flooring)
2. Embossed Flooring (Antiskid)
3. Anti-Static and Conductive (ESD) Flooring
4. Switch Board Matting (High Insulation Vinyl Floor Mats)
5. Printed Flooring (also known as PVC Linoleum)
6. PVC Printed Flooring with Jute backing
7. PVC for Auto Vehicles.
The products are well
accepted globally with its major markets being the Middle East, Gulf,
Subject is also a favoured
supplier to various PVC user industries of PVC Compounds including Recycled PVC
Compounds. The user industries range from shoes, hose, cables, PVC Flooring
etc. Other specialized products include supplies of top layer film to PVC
Calendaring units.
The company is also involved
in imports of special flooring products from Europe & America and
distribution in
Subject has a well set up
distributor and dealer network and several Regional Sales Offices spread out in
They have as they clients, some of the most reputed institutions in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.47 |
|
|
1 |
Rs.80.59 |
|
Euro |
1 |
Rs.56.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|